At 98%, Greater Noida Sees Highest Avg Price Rise in NCR Over 5 Years - ANAROCK Report
The National Capital Region - the most remarkable turnaround story in the annals of Indian real estate – is a resounding testament to the impact of structural reforms like RERA, SWAMIH Fund, and PMAY (U). Over the last decade, NCR has seen a massive resurgence in demand and supply across real estate segments, and key hotspots have witnessed remarkable housing price appreciation. In its report NCR Real Estate – A Beacon of Growth and Opportunity, ANAROCK identifies these growth precincts.
Santhosh Kumar, Vice Chairman – ANAROCK Group, said, “Greater Noida saw an astounding 98% appreciation among all NCR cities in the last five years - average prices here rose from INR 3340/sq.ft. in Q1 2020 to INR 6600/sq.ft. by Q1 2025-end. Noida recorded the second-best appreciation of 92% in the same period – from INR 4795/sq.ft in Q1 2020 to INR 9200/sq.ft by Q1 2025. Gurugram witnessed an 84% jump - from INR 6,150/sq.ft. to INR 11,300 per sq. ft. in this period. Overall, the entire NCR saw an 81% jump in average residential prices over five years. Little wonder, then, that the region is seen as an investment destination par excellence among those who know where to look and what to look for.”
Notably, the NCR market, which had previously seen the highest unsold stock in the country, is now seeing a remarkable decline. Despite the significant price rises across NCR in the last five years, unsold inventory in the region has dropped by 51% in the last five years – from approx. 1,73,117 units by Q1 2020-end to approx. 84,500 units by Q1 2025-end.
City-wise, Noida recorded the highest 72% decline in its overall unsold stock – from approx. 18,148 units by Q1 2020-end to approx. 5,012 units by Q1 2025-end. Ghaziabad saw its unsold stock decline by 58% in this period, from approx. 27,142 units by Q1 2020-end to approx. 11,393 units by Q1 2025-end. Greater Noida saw a 56% decline in unsold inventory, from approx. 42,906 units by Q1 2020-end to approx. 19,066 units by Q1 2025-end.
“The report further highlights that strong sales velocity over the years, along with significant new launches, reduced the inventory overhang to just 17 months by the end of Q1 2025,” said Santhosh Kumar. “This is a remarkable drop from the peak of 88 months about five years ago.”
The NCR residential market saw a new supply addition of 53,000 units in 2024, almost 44% higher than the launches in 2023. Another notable change is in budget categories - in previous years, affordable housing (units priced < INR 40 lakh) dominated the supply pipeline. However, the past three years post COVID-19 saw the maximum supply share cornered by luxury and ultra-luxury housing.
In fact, the report highlights a significant increase in new launches in the ultra-luxury segment (units priced over INR 2.5 Cr.), which contributed nearly 59% in 2024 as compared to 24% in 2023 - and only 4% in 2020. The supply share of affordable housing continued to decline, accounting for only 11% of NCR’s total launches in 2024 as compared to 41% in 2022, and 47% in 2019.
The report also identifies key growth corridors in NCR such as Sohna, New Gurgaon, Dwarka Expressway and Greater Noida West.
